1.3 Cr Get Insurance Cover Through GeM

New Delhi: Government e Marketplace (GeM) has successfully facilitated the insurance of more than 1.3 crore individuals covering health, life and personal accident insurance policies during the financial year 2024-25, according to a statement issued by the Commerce and Industry Ministry on Wednesday.

The insurance service provided comes apart from GeM facilitating the hiring of one million people during FY 24-25, the statement said.

The Insurance Services category was introduced on GeM in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies. By ensuring that only Insurance Regulatory and Development Authority of India (IRDAI) -approved service providers are onboarded, GeM has established a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organisations can seamlessly procure Group Mediclaim, Personal Accident and Term Insurance policies, thereby offering financial security to a vast number of beneficiaries, the statement explained.

A key advantage of GeM’s insurance services is that they facilitate direct transactions between government buyers and insurance providers without intermediaries.